Aside from the "war on cash" angle covered in other comments, setting these types of limits to an arbitrary dollar amount is fundamentally unjust.
The CTR limit of $10K in the US is well known, but when it was introduced in the 70s[1] $10K was the equivalent of around $65K in today's money.
Similarly, inflation will guarantee if this is enacted Australians won't be able to buy something like a phone, fridge or a laptop in a few decades due to the relentless progress of inflation.
A few decades after that they won't be able to buy their groceries for $10K. These types of laws effectively outlaw cash entirely, they just have a time delay until they come into full effect.
The CTR limit of $10K in the US is well known, but when it was introduced in the 70s[1] $10K was the equivalent of around $65K in today's money.
Similarly, inflation will guarantee if this is enacted Australians won't be able to buy something like a phone, fridge or a laptop in a few decades due to the relentless progress of inflation.
A few decades after that they won't be able to buy their groceries for $10K. These types of laws effectively outlaw cash entirely, they just have a time delay until they come into full effect.
1. https://repositorio.comillas.edu/rest/bitstreams/38908/retri...